Nov 20, 2012 7:00pm PST
calls taken bee democratic members when you say this is what we need to do. >> i heard you as steve colbert's lawyer advise him that he could keep the money he received from his super pac and transfer it to his social welfare fund and use it for lobbying. >> let me see if i'm clear, i have a 501c4 called colbert super pac 5hh, and i take the money from the super pac and i pass it through the 501c4 into a second unnamed 501c4. i place all of the money inside that second unnamed 501c4 and through the magic of your lawyering and the present federal tax code, after i close this and lock it, that money is gone forever and no know ever knows what happened to it? >> you'll know, but nobody else will. >> federal election commission rules say he could have taken the money, written himself a check and gone and bought a yacht. that's permissible because what the congress has done is restricted actual candidates, members of congress and their challenges and said they can't use the money to buy a cadillac or a yacht or other personal use, but none of these other political monies are restricted.